Kodiak Robotics is a US company active in the development and deployment of self-driving trucks both for civil and military use. The company is one of the two major players in the field. The Kodiak Driver system boasts self-driving technology for long-haul trucks, claiming it is the most advanced driverless technology in the industry. It has accomplished well over 3 million miles so far with no major incident. This innovative technology has also attracted interest from the US Department of Defense, leading to a contract for the development of autonomous ground vehicles for military reconnaissance and surveillance. Kodiak has raised a total funding of USD 300M so far, with investors including BMW and Berkshire Hathaway (via Pilot Flying J). Berkshire Hathaway’s 80% owned subsidiary, Pilot Company (which operates Pilot and Flying J travel centers), took a stake in Kodiak in 2022, becoming the largest strategic investor and receiving one of the five board seats.
We participated in Kodiak’s Series B funding in November 2021 and a PIPE in May 2023, at a valuation of USD 400M. The company is expected to announce a Series C round this Summer, which should bring its valuation to the USD 1B to 1.2B range. This still represents a major discount of 70% to competitor Aurora Innovation that has been listed on the Nasdaq since November 2021. Kodiak’s Series C round should be the last funding round as the company plans to go public in 2025.
